Norish PLC Trading update ahead of AGM (9862Z)
23 Mayo 2019 - 03:25AM
UK Regulatory
TIDMNSH
RNS Number : 9862Z
Norish PLC
23 May 2019
Norish plc ("Norish" or the "Company")
Trading Update ahead of the AGM
Ahead of its Annual General Meeting at 11am today, Norish
provides the following update on its performance.
Ted O'Neill, Chairman:
"In the first four months of 2019, our Cold Store Division
(which comprises the largest percentage of our capital employed),
has seen profits increase by 38% from GBP789k to GBP1,088k compared
to the same period last year.
Despite trading uncertainties and currency fluctuations
associated with the Brexit process, profits in our Sourcing
Division, TVF and Foro, were GBP141k compared to GBP184k in the
same period last year.
The outturn in the Sourcing Division for the first four months
is broadly in line with budget.
Our Dairy Division is making substantial progress. We are
putting considerable work and management resource into an A2
protein milk feasibility program, and, we expect to have a much
clearer picture, within the next 10 to 12 months, on how this
interesting development will be of further benefit to shareholders.
2019 has seen an excellent Spring at farm level, setting the year
up for a markedly improved financial performance, over 2018.
Overall, the Group continues to make substantial progress. Group
profit before tax for the first four months at GBP754k is 80% ahead
of the same period last year.
The Balance Sheet is strong with the net debt to EBITDA ratio at
1.7 at 31 December 2018. Net debt has continued to reduce during
the first four months of 2019.
As previously reported the final dividend of 1.85EURcent which
is an increase of 9% will be paid on the 18 October 2019 to those
shareholders on the register on 27 September 2019.
At this juncture, we expect another very positive outcome for
2019."
ENDS.
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END
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